Combine 1/2 cup sugar and cinnamon, set aside.
Separate biscuit dough, roll out each on a lightly floured surface to a 3-inch circle.
Place one piece of cream cheese in center of circle, sprinkle with 1 teaspoon sugar-cinnamon mixture.
Pinch edges together to seal, and form a ball, set aside.
Repeat procedure with remaining biscuits, cream cheese, and sugar-cinnamon mixture.
Place butter in bottom of a 10-inch Bundt pan, sprinkle remaining sugar-cinnamon mixture and pecans over butter.
Layer balls of dough over pecans, seam side up.
Bake at 350° for 35 minutes or until golden.
Invert onto a serving plate.
Combine 1 cup powdered sugar, water, and vanilla, stir until smooth.
Drizzle over cake.